Biomass Secure Power Inc. (BMSPF)

[PhillipD]

Summary of the November 1 Board Meeting from company website:

-5 shareholders present
-556,566,667 shares are now outstanding (shares diluted from previous)
-Plant 1 to be built in Lake Cowichan BC.
-Plants 2 & 3 to be built in in Northern BC in 2012 & 2013
-Plant 1 to produce white wood pellets initially and coverted to torrefied wood.
-Source fiber is limiting factor
-Financing will occur through a joint venture with the power producers by giving up a 30% stake in the pellet plants (further dilution?) and conventional borrowing.
-Plant 1 product goes to LG

My only question is why are all of the additional shares issued if the joint venture and conventional borrowing will be the financing mechanism. Do the shares represent the 30% or are we looking at 30% in addition to the shares issued.

Phillip